SEC Form 4 · accession 0000921895-26-001567
Biglari Holdings Inc. · BH-A
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owners
LION FUND, L.P.
10% Owner
BIGLARI CAPITAL CORP.
10% Owner
Sardar Biglari
Officer — Chairman and CEO · Director · 10% Owner
Period of report
Jun 4, 2026
Accepted (ET)
Jun 5, 2026 · 6:46 pm EDT
Rule 10b5-1 plan
box not checked
Issuer CIK
0001726173
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class B common stockF3,F2 | Jun 4, 2026 | P | 1,743 | $286.76 | A | 1,399,847 | I | By The Lion Fund, L.P. |
| Class B common stockF4,F2 | Jun 5, 2026 | P | 535 | $297.14 | A | 1,400,382 | I | By The Lion Fund, L.P. |
| Class A common stockF2 | holding | — | — | — | 128,812 | I | By The Lion Fund, L.P. | |
| Class A common stock | holding | — | — | — | 0 | D | ||
| Class A common stockF1 | holding | — | — | — | 25,663 | I | By Biglari Capital Corp. | |
| Class B common stock | holding | — | — | — | 1 | D | ||
| Class B common stockF1 | holding | — | — | — | 71,855 | I | By Biglari Capital Corp. |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Shares owned directly by Biglari Capital Corp. ("BCC"), including shares of Class A and Class B common stock of the Issuer transferred for no consideration by Sardar Biglari to BCC. Mr. Biglari may be deemed a beneficial owner of the shares of Class A and Class B common stock of the Issuer owned directly by BCC.
- F2Shares owned directly by The Lion Fund, L.P. (the "Lion Fund"). BCC is the general partner of the Lion Fund. Mr. Biglari is the sole member, Chairman and Chief Executive Officer of BCC. By virtue of these relationships, BCC and Mr. Biglari may be deemed to beneficially own the shares of Class A and Class B common stock of the Issuer owned directly by the Lion Fund.
- F3The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $284.99 to $287.50. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
- F4The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $293.34 to $298.81. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
Remarks
This Form 4 is filed jointly by Mr. Biglari, BCC and the Lion Fund. Each of Mr. Biglari, BCC and the Lion Fund disclaims beneficial ownership of the shares of Class A and Class B common stock reported herein except to the extent of his or its pecuniary interest therein.